FG Gives Abia Nod to Borrow $125m from IsDB

The Federal Government has granted Abia State permission to borrow $125 million from the Islamic Development Bank (IsDB) for the State Integrated Infrastructure Development (ABSIID) project. Governor Alex Otti's Chief Press Secretary, Ukoha Njoku Ukoha, announced the loan approval, calling it a significant milestone in the state's infrastructure development drive.

The project, with a total cost of $240 million, will see IsDB providing $125 million, the African Development Bank $100 million, and the Development Bank CADB $15 million, with Abia contributing $25 million as counterpart funding. The ABSIID project aims to construct a 126-kilometer road network in Aba and Umuahia, including critical erosion control work.

The project is expected to reduce travel time, create jobs, reduce greenhouse gas emissions, and attract private sector investment. Governor Otti expressed gratitude to all parties involved in securing the loan approval and highlighted the project's importance in modernizing Abia's.